Ian
Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. I have
noticed that recently all the banks are having a bit of a raise to the
bottom I think it was bmo that started it and it’s 2.99 ten year fix
rate which is just awesome and then Royal Banks on it and the few other
ones doing it as well. However what I would like everyone to keep in
mind is just because is they have lower rates and a lot of people are
prove for a little bit more money now it doesn’t mean that you should
buy a more expensive condo just because you are approved for it. If you
had your heart set on and you are really satisfied for the $400,000
dollar condo maybe you should stick with that $400,000 dollar condo and
just because the rate are much that lower and your monthly payments are
not that much lower it doesn’t mean you should up your purchase to for
2.25 just because you are approved for it. Going deeper into that might
not be the best long term strategy for you just something to think about
and speak with your financial planner, your family and your realtor
about this just to see what the best purchase is, regardless of what you
can afford. My name is Ian Watt and if you have any questions you could
always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!